THE CORPORATE PHILANTHROPY OF COMPANIES LISTED ON THE SBF 120: WHAT CONDITIONS SUPPORT THE EXISTENCE OF A CORPORATE FOUNDATION?

Abstract

Contributing to the general interest has never been an economic obligation, nor a legal obligation for companies. Corporate philanthropy is considered in very different ways depending on the author, sometimes negatively, sometimes positively, but these two interpretations are not mutually exclusive. From the 1990s, the legislature encouraged corporate philanthropy by creating the corporate foundation. From a CSR perspective, a foundation gives visibility to the company’s actions in support of the general interest, while also giving it tax benefits. Yet, not all companies have foundations. We explore the determinants of corporate philanthropy that relate mostly to the CEO’s profile. Are there profiles that support the existence of a corporate foundation? By studying a sample of companies listed on the SBF 120 between 2009 and 2013, our results reveal that CEOs and companies creating corporate foundations have a specific profile.